Singapore, known for it's security and low crime rates, has confirmed the arrest of ten foreign nationals involved in major offenses such as forgery and money laundering. The arrests were conducted as part of a nationwide operation, tracking down about S$1 billion ($735 million) worth of cash and assets seized in numerous raids around the country. Reports from the Singapore Police Force also reveal the search for an additional eight persons of interest.
Carrying out simultaneous searches in several locations, over 400 officers seized not only cash and gold bars but also luxury items like bags and watches, precious jewelry, electronic devices, and virtual asset documents. More than 35 bank accounts amounting to an estimated balance of over S$110 million ($81 million) were frozen as a preventive measure against the further misuse of these suspected criminal proceeds.
Vehicles and properties valued at US $599 million were also targeted in this extensive sweep operation. Among the arrested suspects, who are in the age group 31-44 years, was a 40-year-old Cypriot man, reportedly apprehended from a drain after trying to escape from his second-floor residence.
The law in Singapore stipulates that those convicted with money laundering can be subjected up to a 10-year prison term, possibly along with heavy fines. A sentence for forgery meant for fraudulent activities bears comparable punitive measures.
David Chew, the Director of Singapore Police Force's Commercial Affairs Department, emphasized their staunch intolerance towards criminals utilizing their financial platforms to launder money. The force, he said, is committed to collaborating with other law enforcement agencies and Financial Intelligence Units to deter, identify and prevent such illegal activities.
This massive crackdown was initiated based on an intelligence report obtained from the city-state's financial organizations pointing to potential illegitimate transactions. In this context, the Monetary Authority of Singapore (MAS) stressed Singapore's susceptibility to transactional money laundering and terrorism financing due to its status as a leading global finance hub.
Ho Hern Shin, MAS's Deputy Managing Director (Financial Supervision), underscored the collective responsibility of the authority and financial organizations to reinforce defenses against such risks, despite Singapore’s reputation as the world’s safest country. The country saw a notable crime increase in 2021, mostly due to commercial offenses, defying its traditionally low crime rate reputation as recorded by US researchers Gallup’s Global Law and Order Report.
